S&P 500 futures expiring in December lost 0.6 percent to 1,274.60 as of 9:12 a.m. New York time. The benchmark gauge of U.S. equities was up 3.7 percent since Oct. 21, heading for a fourth week of gains. Dow Jones Industrial Average futures declined 61 points, or 0.5 percent, to 12,107 today.

"The devil is in the details," Don Wordell, a fund manager for Atlanta-based RidgeWorth Capital Management, which oversees about $47 billion, said in a telephone interview. "Europe is trying to do anything to solve its problems. Still, there are lots of questions on how the plan is going to work and how they are going to fix their debt issues. We had big rally yesterday, you got to give it a little breather."

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Stocks rose yesterday, extending the best monthly rally since 1974 for the S&P 500, as European leaders agreed to expand a bailout fund and U.S. economic growth accelerated. Concern over Europe's crisis sent the S&P 500 to a one-year low this month. The index came within 1 percent of extending its drop from its April peak to 20 percent, the common definition of a bear market. Since then, it has risen 17 percent.

European leaders may struggle to maintain the euphoria that drove the euro to its biggest one-day gain in more than a year as scrutiny deepens on their latest attempt to stem the region's turmoil. The weaknesses of Europe's common currency area, ranging from its design to a persisting dearth of bank funding and anemic economic growth, weren't properly addressed in the measures revealed yesterday to stem investor panic, said Harvard University economist Kenneth Rogoff and Jonathan Loynes at Capital Economics Ltd. in London.

"My read of this is that the markets are cheered that they're still alive," Rogoff, a former International Monetary Fund chief economist, said as a compensated speaker at the Bloomberg FX11 Summit in New York yesterday. "Even in a fairly short period, doubts will start to grow again."

European leaders' agreement on a 50 percent haircut on Greek bonds may create an event of default if investors accept it, Fitch Ratings said in a statement today.

Consumer Spending

Stock-futures maintained losses even as a report showed that consumer spending in the U.S. accelerated in September, helping the world's largest economy skirt a recession. Still, incomes rose less than projected, sending the savings rate down to the lowest level in almost four years.

"While borrowing and spending is what both monetary and fiscal policy keep encouraging, it is savings that is the fuel for healthy economic growth and investment, and the decline in the savings rate is not good," said Peter Boockvar, equity strategist at Miller Tabak & Co. in New York, in a note to clients.

Whirlpool slumped 12 percent to $53.26. Its plan will result in a charge of $500 million, of which $160 million will be booked in 2011, Whirlpool said in a statement today. The company reported sales of $4.63 billion for the third quarter, less than the $4.70 billion estimated by analysts. Earnings this year will be in a range of $4.75 to $5.25 a share, down from a previous goal of $7.25 to $8.25.

Baidu surged 6.8 percent to $147.80. Chief Executive Officer Robin Li, named by Forbes magazine as China's second- richest man, is boosting investments on services, such as wireless and travel features, to meet competition from rivals Alibaba Group Holding Ltd. and Tencent Holdings Ltd. Fourth- quarter revenue is forecast to rise at least 80 percent, Baidu said, after advertisers paying more for keywords to reach online users in China boosted sales 85 percent in the three months ended September.